The latest massive Solana token selloff by the now bankrupt crypto exchange FTX and its affiliate company Alameda has sparked debate on the viability of the Solana ecosystem and its token. Meanwhile, the new memecoin project, Raboo, is gaining strong investor backing, and has recently entered the fifth stage of its token presale, surging 90% from its initial price. Is Raboo emerging as one of the best DeFi projects of the year, and what does the future hold for Solana?
FTX, Alameda dump billions in SOL
According to the crypto analytics platform LookOnChain, FTX and Alameda Research have reportedly unstaked more than $1 billion worth of their Solana (SOL) holdings across multiple addresses. Within the last three months, these firms unstaked approximately 530,000 SOL, valued at around $71 million, from these addresses – equivalent to about $23.5 million or roughly 176,700 SOL per month.
Some experts have opined that such a large un-staking may affect Solana’s market in the future. In fact Solana is currently at $150, marking a 4.42% loss across the month. Looking at the technical chart from the weekly time-frame, Solana’s Relative Strength Index which is used in determining whether an asset is overbought or oversold is 59. This means that it is in between the scale—hence there is more space for it to fall. Furthermore, the MACD indicator is below the signal line implying that there may be some downward pressures in the near future.
Raboo’s presale success hints at imminent token rally
Raboo is the memecoin project that many investors are looking forward to, especially after learning that it is in the fifth stage of its token presale and has seen its token value rise by 90%. Currently sold at $0.0057, Raboo is approaching its official launch, which is rumored to potentially trigger a rally of up to 1000-times.
Raboo is very unique in comparison to many other crypto projects because of how it merges AI, Social-Fi, and blockchain technology, in order to introduce something innovative and engaging into the meme sector. An aspect of Raboo that has attracted most investors is the staking program through which they can earn rewards for holding their $RABT tokens.
In the future, Raboo’s team plans to achieve the same level of recognition as other meme coins such as Shiba Inu and Dogecoin. There are some great plans for the team behind Raboo, especially the creation of unique NFTs and token burning. These are measures that are aimed at making Raboo to be regarded as one of the best DeFi projects in the market.
Conclusion
FTX and Alameda’s recent exit from Solana has put the SOL token in a precarious position as it approaches key support levels. In contrast, Raboo’s impressive presale performance illustrates the crypto market’s dynamism, with new projects drawing investor interest through innovation and community engagement. While investors wait to see if Solana could stabilize from the massive token dump, they can take this chance to witness Raboo’s potential for explosive growth, by purchasing the ERC20 token and be a part of the new revolution in the crypto space.
You can participate in the Raboo presale here:
Telegram: https://t.me/RabootokenPortal
Twitter: https://twitter.com/Raboo_Official